Accenture Stock Pops After Layoffs, Earnings

The stock is moving further from its recent two-year low

Deputy Editor

Mar 23, 2023 at 10:51 AM

Accenture PLC (NYSE:ACN) is up 7.1% at $271.09 at last glance, after news that the company will cut roughly 2.5% of workforce, or 19,000 jobs. The IT name reported better-than-expected fiscal second-quarter results before the bell this morning, but trimmed its annual revenue forecast.

ACN has climbed since its March 15, two-year low of $242.80, and is now back to its early-March levels on the charts. The stock is inching back into positive territory for 2023, though its 50-day moving average appears to be keeping a lid on gains today.

Overall options volume is running at six times the intraday average, with 4,612 calls and 3,852 puts exchanged so far. The weekly 3/24 280-strike call is the most active, followed by the 265-strike call in the same weekly series.

Of the 18 analysts in coverage, 11 carry a "buy" or better rating on Accenture stock, while the 12-month consensus price target of $310.02 sits at a 14.7% premium to current levels.

Follow @Schaeffers

Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released!